Sell or Rent my house???

Question

I have a house in Menifee California that I have not lived in for the last 4 months. My mortgage is about $2,200 a month. I can rent it for about $2,000 a month. That would give me a negative cash flow of $300 with a gardener and a pool guy. If I sell it I can cash out about $80k. I know that we become wealthy by owning real estate not selling it. I will truly appreciate everyone’s advise, expertise and experience on what I should do.

Patrice Penda · Answer

Hey @Jose MironHow long have had that property for?How much did you pay for it? How is it worth now?

In some places like California, New York. It is Ok to be cashflow negative when you have exposure to a superior price appreciation.  It usually beats the returns from cashflows in non-speculative markets.

Hence my questions above.

Travis Rasmussen · Answer

Hi Jose,

What's your long and short term goal? Are you looking for just cash flow? Do you not care about negative cash flow but just want to build your portfolio? Do you have other ideas of what you would do with the 80K if you cashed out? That would help us give better recommendations.

Richard Bastar · Answer

@Jose Miron I'm with @Patrice Penda above  ^  you have to be honest with yourself and those questions to really understand where the payoff is going to be...that will depend on your goals and what you can bear or handle in the interim.

I bought a house in Menifee and live here now.  I've had it just under 1.5 years and am looking at and analyzing my next move.  I know what you're feeling and wondering!

Looking forward to hearing what you come back with or do - best of luck, and don't hesitate to reach out with any questions.

Cheers,

Rich

rgbastariv at gmail

Sell or Rent my house???

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